Earlier this year, the U.S. Department of Labor’s (DOL) Office of Public Affairs officially responded to whether employers could pay employee wages in cryptocurrencies. The DOL explained that regulations under the Fair Labor Standards Act (FLSA) provide that wage payments may be made in cash or negotiable instruments (payable at par). In cryptocurrency, employers cannot make base wages (salaries or minimum wages) or overtime pay. Paying bonuses and other incentive payments in cryptocurrency is a…
eFiling Thresholds, Revisions To Form 941 and Schedules, Form 941-X, Idaho Revises Withholding Tables, Reduces Supplemental Wage Tax Rate and California Supreme Court Rules Premium Pay for Missed Meal; Rest Breaks Are Wages
To build efficiencies in the payroll process by eliminating paper checks, employers have used direct deposit since the mid-'70s. This effort to eliminate paper checks was always limited because many employees had no bank accounts. Since ATMs appeared, the ability to pay employees via a paycard has slowly become available.
Employers have reporting requirements when adding a new employee to their staff. In addition, there are a number of optional authorization, verification, and internal forms to be completed that can impact payroll administration.